Despite optimism for the currency union’s economy, questions about world trade and Europe’s political suppleness suggest caution

A new Greek bailout program may be far from a done deal, but the market seems to have made up its mind already: The Stoxx 600 index of leading European shares is up more than 10% from its recent lows, trading close to its April highs. Investors appear confident that the eurozone has found a way to keep Greece in the currency union while avoiding what some considered the worst outcome: a capitulation to Greek brinkmanship that would have fueled support for other populist parties. As a result, investors are free to focus again on the prospects for the other 98% of the eurozone economy.